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Investor Nelson Peltz is lobbying to separate the company’s snack business from its North American beverages unit. And Bloomberg reported yesterday that the billionaire might embark on a proxy contest for control of the board.

Peltz believes splitting up PepsiCo would save money, allow for more focused marketing and spur growth, according to Bloomberg.

“Shareholders are starting to agree with what we say this company should do,” Peltz said at the CNBC Institutional Investor Delivering Alpha Conference in New York on July 16.

Instead, Nooyi made a pledge to improve performance and reduce expenses by $5 billion over five years starting in 2015, extending a plan already under way.

“Decoupling our beverage and snack businesses in North America would significantly reduce our relevance to our customers," Nooyi said told CNBC in February.

Peltz said that he hasn’t talked with Nooyi since February.

PepsiCo, based in Purchase, N.Y., declined to comment to Bloomberg this week.